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When academia comes to market: does university affiliation reduce the uncertainty of IPOs?


  • Damiano Bonardo


  • Stefano Paleari


  • Silvio Vismara



Companies obtain significant benefits and resources from university affiliations. Building on recent contributions in the fields of organizational theory and signaling theory, we argue that such relationships redresses investors’ concerns over the legitimacy of firms and acts as an uncertaintyreducing signal. We study the population of university spin-offs that went public in Europe over the last decade, and find that academic affiliation reduces uncertainty and enhances survivability in the long term. Thus, external stakeholders consider this affiliation a valuable and non-substitutable resource. Our results control for a number of characteristics related to firm quality, including measures of intellectual and relational capital as well as corporate governance mechanisms.

Suggested Citation

  • Damiano Bonardo & Stefano Paleari & Silvio Vismara, 2009. "When academia comes to market: does university affiliation reduce the uncertainty of IPOs?," Working Papers 0909, Department of Economics and Technology Management, University of Bergamo.
  • Handle: RePEc:brh:wpaper:0909

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    References listed on IDEAS

    1. Uschi Backes-Gellner & Arndt Werner, 2007. "Entrepreneurial Signaling via Education: A Success Factor in Innovative Start-Ups," Small Business Economics, Springer, vol. 29(1), pages 173-190, June.
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    Cited by:

    1. María Jesús Rodríguez-Gulías & Sara Fernández-López & David Rodeiro-Pazos, 2016. "Growth determinants in entrepreneurship: A longitudinal study of Spanish technology-based university spin-offs," Journal of International Entrepreneurship, Springer, vol. 14(3), pages 323-344, September.
    2. María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López, 2017. "The effect of university and regional knowledge spillovers on firms’ performance: an analysis of the Spanish USOs," International Entrepreneurship and Management Journal, Springer, vol. 13(1), pages 191-209, March.


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